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2016 (3) TMI 143 - AT - Income TaxDisallowance of depreciation to trust - whether while computing income under section 11(1) (a) of the Income tax Act, 1961, depreciation has to be allowed? - Held that:- it is explicitly clear that Section 11 (1) (a) of the Act provides a condition for claiming exemption of income in the case of certain assessees from their total income for a particular assessment year under Chapter III of the Act viz. “incomes which do not form part of total income”, while as depreciation is a deduction allowable u/s 32 of the Act while computing income under the head “income from business or profession” as provided under Chapter V of the Act viz., computation of total income under various heads. Thus, both the sections 11(1) (a) of the Act and section 32 of the Act are applicable on different issues and under different circumstances. Accordingly, both these sections will be applicable independently when conditions stipulated therein are fulfilled - Decided in favour of assessee
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